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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001352011-09-000003.txt : 20090225
<SEC-HEADER>0001352011-09-000003.hdr.sgml : 20090225
<ACCEPTANCE-DATETIME>20090224175538
ACCESSION NUMBER:		0001352011-09-000003
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(7)
FILED AS OF DATE:		20090225
DATE AS OF CHANGE:		20090224
EFFECTIVENESS DATE:		20090225

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GEM Realy Securities, L.P.
		CENTRAL INDEX KEY:			0001057503
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-58929
		FILM NUMBER:		09631740

	BUSINESS ADDRESS:	
		STREET 1:		900 NORTH MICHIGAN MICHIGAN AVE
		STREET 2:		SUITE 1450
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60611
		BUSINESS PHONE:		312-915-2900

	MAIL ADDRESS:	
		STREET 1:		900 N MICHIGAN AVE
		STREET 2:		SUITE 1450
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60611

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GEM VALUE FUND LP /IL
		DATE OF NAME CHANGE:	19980707
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0201</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001057503</cik>
        <entityName>GEM Realy Securities, L.P.</entityName>
        <issuerAddress>
            <street1>900 NORTH MICHIGAN MICHIGAN AVE</street1>
            <street2>SUITE 1450</street2>
            <city>CHICAGO</city>
            <stateOrCountry>IL</stateOrCountry>
            <zipCode>60611</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>312-915-2900</issuerPhoneNumber>
        <issuerPreviousNameList>
            <previousName>GEM VALUE FUND LP /IL</previousName>
        </issuerPreviousNameList>
        <jurisdictionOfInc>DE</jurisdictionOfInc>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Barry</firstName>
                <middleName>A.</middleName>
                <lastName>Malkin</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>900 North Michigan Avenue</street1>
                <street2>Suite 1450</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60611</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive officer of the managing member of GEM Realty Advisors, L.L.C., the general partner and promoter of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <middleName>A.</middleName>
                <lastName>Elrad</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>900 North Michigan Avenue</street1>
                <street2>Suite 1450</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60611</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive officer of the managing member of GEM Realty Advisors, L.L.C., the general partner and promoter of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Norman</firstName>
                <middleName>S.</middleName>
                <lastName>Geller</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>900 North Michigan Avenue</street1>
                <street2>Suite 1450</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60611</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive officer of the managing member of GEM Realty Advisors, L.L.C., the general partner and promoter of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Craig</firstName>
                <middleName>R.</middleName>
                <lastName>Caffarelli</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>900 North Michigan Avenue</street1>
                <street2>Suite 1450</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60611</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive officer of the managing member of GEM Realty Advisors, L.L.C., the general partner and promoter of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Eric</firstName>
                <middleName>M.</middleName>
                <lastName>Siegel</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>900 North Michigan Avenue</street1>
                <street2>Suite 1450</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60611</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive officer of the managing member of GEM Realty Advisors, L.L.C., the general partner and promoter of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Denise</firstName>
                <middleName>A.</middleName>
                <lastName>Olsen</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>900 North Michigan Avenue</street1>
                <street2>Suite 1450</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60611</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive officer of the managing member of GEM Realty Advisors, L.L.C., the general partner and promoter of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Neal</firstName>
                <middleName></middleName>
                <lastName>Gumbin</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>900 North Michigan Avenue</street1>
                <street2>Suite 1450</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60611</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive officer of the managing member of GEM Realty Advisors, L.L.C., the general partner and promoter of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Gary</firstName>
                <middleName></middleName>
                <lastName>Freeman</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>900 North Michigan Avenue</street1>
                <street2>Suite 1450</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60611</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive officer of the managing member of GEM Realty Advisors, L.L.C., the general partner and promoter of the Issuer</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-07-036998</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>1998-04-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>357868019</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>130</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>Customary advisory fees are paid by the issuer to the general partner/managing member/investment manager (as applicable), as provided for in the issuer's offering materials.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>GEM Realy Securities, L.P.</issuerName>
                <signatureName>/s/ Craig R. Caffarelli</signatureName>
                <nameOfSigner>Craig R. Cafferelli</nameOfSigner>
                <signatureTitle>COO of the managing member of teh GP of the Issuer</signatureTitle>
                <signatureDate>2009-02-24</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----